Wal-Mart will give half million employees pay raises


Kudos to Wal-Mart
By Katie Little 02/19/15
Discount retail giant Wal-Mart will give a half million employees pay raises, the company said Thursday. The company also reported a mixed quarterly report.
The move ensures hourly associates earn at least $1.75 above today’s federal minimum wage, or $9 per hour, in April. By Feb. 1, 2016, current associates will earn at least $10 per hour.
Some states already have a minimum wage at or above $9 per hour, including California, Connecticut, District of Columbia, Massachusetts, Oregon, Washington, Vermont and Rhode Island.
The retailer also delivered a quarterly report that beat earnings estimates but missed on revenue.
It reported adjusted earnings of $1.61 per share, compared to $1.60 a share last year. Revenue rose to $131.57 billion from $129.71 billion a year ago.
Analysts forecast Wal-Mart would report earnings of $1.53 per share on revenue of $132.36 billion, according to a consensus estimate from Thomson Reuters.
Last quarter, Wal-Mart posted its first positive comp in its U.S. business in seven quarters, reflecting a consumer that remains pressured despite the economy.
The retail behemoth’s same-store sales were expected to tick up just 0.7% including gas and a foreign exchange impact. The holiday quarter is a crucial one in the retail industry